What large banks have competitive mortgage rates/fees?

KB872010 · April 2012

Has anyone recently completed a mortgage application with a large regional or national bank that offered very competitive rates and fees? I am tempted to go with a lower cost private lender but would prefer the peace of mind of a larger institution.

kaylie622 · April 2012

Is there something specific that you're concerned about with a smaller institution? We started our process with Wells Fargo, but ended up going with a local mortgage broker. Our reasons were that the broker was well respected by local listing agents (they are known for getting deals done on time) which made our offers more competitive. We also got much better rates/fees from them.They were insanely easy to work with.

They actually sold our loan to Wells Fargo after we closed, so we have the convenience of online bill pay and all that. Most of the small/local places sell the bulk of their loans.

Nechie122 · April 2012

Ditto what PP said. We applied for our loan through a local lender and the loan was ultimately purchased by Wells Fargo. Welcome to the world of asset-backed securities.

d0ri · April 2012

We checked the credit union, a mortgage broker and a national bank. Surprisingly, the national bank (US Bank) has the best rate and thousands less in fees.

atlcatlover · April 2012

We initially went with Wells Fargo and are refinancing through them now. Both times they gave us a rate that no one else could match, and closing costs were within $500 of other estimates we got.

Juris11 · April 2012

Hmmm I find it really interesting that you all had an experience that the local banks had high fees. Mine was exactly the opposite, and all fees were credited towards our mortgage once the application went through. My main issue was service though, because the rates were the same, but I could not get some of the large bank reps to answer my questions in a timely fashion, and that annoyed me to no end.

d0ri · April 2012

Juris11:
Hmmm I find it really interesting that you all had an experience that the local banks had high fees. Mine was exactly the opposite, and all fees were credited towards our mortgage once the application went through. My main issue was service though, because the rates were the same, but I could not get some of the large bank reps to answer my questions in a timely fashion, and that annoyed me to no end.

I don't think the local banks I checked have high fees since they seem to be inline with most mortgage companies I checked (example: 1% origination). It's just that US Bank has lower origination, etc.

adrianstone80 · May 2012

The NAB moved this afternoon to lower mortgage rates by 32 basis points to 6.99 per cent - the lowest level of the major banks.

The decision to hold back 18 basis points of the RBA's 50-point cut will deliver $16 a month in profit to the bank for every customer with an average mortgage of $300,000.

Research from the Australia Institute shows the Big Four bank profits rise by $12 million a day as they delay in passing on the full interest rate cut.

The pressure is expected to grown on Commonwealth Bank and Westpac to move quickly with ANZ boss Mike Smith ruling out any decision before its mortgage rates committee meets on May 11.

10 year mortgage rates

adrianstone80 · May 2012

Closing on your mortgage loan is an exciting time. It leaves the buyer with a great feeling of accomplishment and celebration for acquiring his new home. When you leave your closing, be sure to ask the closing agent for a "first pay" letter which will give all of the contact information, including the complete amount and due date of the first payment. This letter should be provided since the lender may not have had time to send out a billing statement or payment booklet in time for the first payment due.

no closing cost refinance

What large banks have competitive mortgage rates/fees?

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